The Bank of Russia intends to tighten regulations on credit institutions’ cryptocurrency operations. ForkLog spoke with experts to understand the potential implications of the new rules for the banking sector and its clients.
“CryptoBasel”: Why the New Rules Are Merely Formalities
Andrey Tugarin, founder of the legal firm GMT Legal, believes the upcoming changes are a formalisation of the regulator’s already conservative stance. In his view, they will “not affect” credit institutions.
“Today, the Central Bank advises all banks to adhere to a conservative risk assessment regarding cryptocurrency investments. Conservative risk assessment is a basic principle of Basel II/III/IV. Hence, we now see the emergence of the term ‘CryptoBasel’,” he said.
Tugarin explained that strict frameworks have long been in place. He referred to an informational letter IN 03-23/87 from May this year, in which the regulator “recommends that banks fully cover any cryptocurrency investments with their own assets (each rouble of investor funds must be backed by a rouble of the bank’s own funds) and set a limit on such investments, for example, less than 1% of capital.”
“These recommendations will remain until the Central Bank develops new regulatory approaches, planned for 2026. However, these actions suggest that the Bank of Russia will continue to view cryptocurrencies as highly risky assets. Therefore, nothing will fundamentally change for the banking sector,” the expert added.
Who Will Suffer from the Tightening and Where Clients Might Go
Ani Aslanyan, creator of the Telegram channel “All About Blockchain, Brain, and WEB 3.0 in Russia and the World,” sees the Central Bank’s initiative as a direct threat to part of the banking business and predicts negative consequences for clients.
“Banks will face increased costs to comply with new regulations, implement monitoring systems, and adapt products. This may temporarily reduce their interest in the cryptocurrency market,” she noted.
The expert is convinced that the new rules will primarily impact smaller players. Small banks may exit this segment.
“Restrictions for non-qualified investors and strict lending rules for crypto companies will slow the industry’s development in the banking sector but will enhance control over operations,” she also emphasized.
Aslanyan considers the most serious risk to be the potential shift of users “into the shadows.” She suggests that tightening rules for credit institutions may push some clients towards unregulated crypto exchanges or foreign platforms.
“This will create additional pressure on banks trying to operate within the law,” she concluded.
Challenges in Technical Implementation
Fedor Ivanov, Director of Analytics at “Shard,” noted that implementing the Central Bank’s initiative would be a “significant leap in regulation.” However, he doubted the feasibility of catching up with global standards in this area under current conditions.
“Honestly, it’s hard to believe this could happen, as even in jurisdictions where cryptocurrency is regulated, banks are not allowed to invest directly in it,” Ivanov noted.
Simultaneously, the Central Bank must create an entire reporting system from scratch, so any bank dealing with digital assets can report to the regulator. Organising such a streamlined system in a short time is extremely challenging, the expert stated.
Back in late July, Russian authorities announced fines for paying for goods and services with cryptocurrency starting in 2026. ForkLog discussed this with specialists.
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